Copper hits all-time highs: COMEX $6.80/lb
What happened. Copper futures set records on both sides of the Atlantic in early September 2026. COMEX copper for September delivery settled at $6.8035 per pound on September 9 — a new record, up roughly 50% from a year earlier and up about 21% year to date. On the London Metal Exchange, three-month copper touched an intraday record near $14,779 per metric ton.
Why it moved. Three forces collided. First, mine supply tightened: global copper-mine output fell 1.1% in the first half of 2026, with sharp declines in Chile, Indonesia, and the Democratic Republic of Congo. Second, tariff fears: the U.S. imposed a 50% tariff on semi-finished copper products, and the Commerce Department is reviewing whether refined copper gets included — traders have been rushing copper into the U.S. ahead of a decision, draining inventories elsewhere. Third, demand: spending on power grids, AI data centers, and EVs keeps the long-term demand story intact.
The honest footnote. The refined copper market is actually in surplus — about 131,000 tons in the first half of 2026. This rally is about mine-side tightness and tariff distortion, not a physical shortage of refined metal. Record prices built on policy headlines can reverse on policy headlines.
What it means for sellers. If you hold copper wire, cable, or scrap, this is the market sellers wait years for: prices at levels nobody has ever seen. Selling into record strength means selling while the market is at its strongest — waiting for higher prices means betting the rally continues. Send photos for today’s price.